MOEE BOXDS AXD "HIGH FI^^ANCE'' 155 



of the referendum feature of the new law. Able la.^^^ers 

 differed upon the question. The freeholders declined to issue 

 the bonds '^''until directed to do so by a court of competent 

 jurisdiction.'^ The question was taken into the courts by 

 the friendly suit method. On July 8 the new act and the 

 proposed bond issue was, by the Court of Errors and Ap- 

 peals, declared valid. An instalment of $500,000 of the 

 bonds was then, in August, 1898, sold. They were four 

 per cent, gold bonds, similar as to form and time of ma- 

 turity to those last issued. The sale was made under the 

 sealed proposal method, as before. 



There were seventeen bids. The award was made to the 

 Illinois Trust and Savings Bank, Chicago, and Mason 

 Lewis & Co., Boston, on their joint bid of 112.199. The 

 remaining $1,000,000 bonds of that authorized issue also 

 brought a good premium. They were disposed of in like 

 manner, $500,000 in 1899 and $500,000 in 1900. 



In the meantime methods had been devised for turning 

 over to the Park Commission the premium realized on all 

 these bonds, instead of retaining it in the sinking fund as 

 theretofore. On August 3, 1900, the last $500,000 of this 

 appropriation, together with $80,000 premium on the 

 bonds, was turned over to the commission. 



Thus, within five years, the people of Essex County had 

 raised and contributed in cash for the park system promised 

 them for $2,500,000, more than $4,000,000. 



